id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
inlawrev-18339	Kabat, Kevin T	Perspectives on the Financial Crisis	2015	4	.pdf	application/pdf	1836	105	63	This was further exacerbated by the emergence of new loan products that increased availability of credit, but were often done at teaser rates that would reset, required little money down, or completely circumvented most of the traditional underwriting process.5 Pressure from the regulatory bodies responsible to Congress for the Community Reinvestment Act,6 fair lending, and comparing “standard” lending practices to alternative lending offers only compounded the problem.7 The majority of toxic loan products, such as option-ARMs, subprime loans, and exotic mortgages, were created by lenders completely outside of the traditional regulatory authority of agencies like the Federal Reserve, FDIC, and the Office of the Comptroller of the Currency.8 Investment banks with their exotic products, such as collateralized debt obligations, served to make matters worse.9 I note that many traditional banks like Fifth Third did not originate these types of products, but we did continue to compete in more vanilla categories that were being underwritten based on grossly inflated property values. Traditional banks played a role.	cache/inlawrev-18339.pdf	txt/inlawrev-18339.txt